Seapeak has expanded its LNG carrier orderbook with three new vessels at Samsung Heavy Industries in South Korea. The company disclosed in May that it had signed contracts for three 174,000 cu m dual-fuel X-DF LNG carriers. The vessels carry a combined cost of approximately $756 million, or roughly $252 million per ship. Deliveries are scheduled for the first half of 2029.
Seapeak has also secured long-term employment for the vessels immediately upon delivery. The company signed 10-year charter agreements with an unnamed international energy company, each featuring an additional five-year extension option. This arrangement ensures the vessels will generate revenue streams as soon as they enter service. The company plans to finance the newbuildings through a mix of existing liquidity, future operating cash flow and long-term debt financing arranged ahead of delivery.
The latest order further strengthens Seapeak's long-running relationship with Samsung Heavy. In 2022, the company ordered five 174,000 cu m MEGA propulsion LNG carriers from the same yard in a deal valued at roughly $1.2 billion, with deliveries spread across 2027. In late December 2025, it followed up with two more X-DF units contracted for delivery in the second half of 2028. With the latest order, Seapeak now has 10 LNG carriers on order at Samsung Heavy Industries alone.
Seapeak, controlled by infrastructure investment firm Stonepeak, has remained active on the financing side in recent months. In April, the company completed a sale-and-leaseback transaction involving the LNG carrier Seapeak Creole for $165 million under a 20-year bareboat charter arrangement. The owner also refinanced the gas carriers Ineos Dolphin and Ineos Innovation through fresh sale-and-leaseback structures while extending associated charter contracts. Charter coverage across the NGL segment has also strengthened after several option extensions were exercised this year, including extensions for the Ineos Independence, Ineos Intuition and Ineos Invention carriers.
As of the end of March, Seapeak's LNG fleet comprised 49 LNG carriers, including seven ships under construction, alongside an LNG regasification terminal in Bahrain. Its LPG, ethane and multigas carriers fleet stood at 42 vessels, including six newbuildings. Seapeak's latest order comes amid another strong wave of LNG carrier contracting across South Korean yards as owners rush to secure remaining 2029 delivery slots.
Key Takeaways:
1. Seapeak ordered three 174,000 cu m X-DF LNG carriers from Samsung Heavy Industries for $756 million, with delivery in first half of 2029.
2. Vessels secured 10-year charter agreements with unnamed international energy company, featuring five-year extension options.
3. Seapeak's total orderbook at Samsung Heavy now stands at 10 LNG carriers, strengthening relationship that began in 2022.
4. Company completed sale-and-leaseback transaction for Seapeak Creole in April for $165 million; financing activity continues.
5. As of end-March, Seapeak's LNG fleet comprised 49 vessels, with LPG/ethane/multigas fleet reaching 42 ships; portfolio growth ongoing.
